Zilvarco: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
Zilvarco
Largest movements
- Tangible fixed assets -€66,131
down €66,131 (-4.6%), from €1.4m to €1.4m
of which Land and buildings: -€65,797
- Provisions -€74,661
down €74,661 (-41.6%), from €179,318 to €104,657
- Reserves +€72,381
up €72,381 (+18.6%), from €389,103 to €461,484
of which Tax-exempt reserves: +€44,995
- Debts after one year -€58,326
down €58,326 (-9.2%), from €631,671 to €573,345
- Gross operating margin +€21,984
up €21,984 (+28.1%), from €78,174 to €100,158
- Taxes +€6,585
up €6,585 (+97.5%), from €6,751 to €13,336
- Depreciation -€3,127
down €3,127 (-4.5%), from €69,258 to €66,131
- Other operating charges +€1,841
up €1,841 (+35.7%), from €5,158 to €6,999
- Financial charges -€1,257
down €1,257 (-7.3%), from €17,282 to €16,025
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,436,079 | €1,379,584 | -€56,495 | -3.9% |
| Fixed assets | 21/28 | €1,429,906 | €1,363,775 | -€66,131 | -4.6% |
| Tangible fixed assets | 22/27 | €1,429,906 | €1,363,775 | -€66,131 | -4.6% |
| Land and buildings | 22 | €1,429,572 | €1,363,775 | -€65,797 | -4.6% |
| Furniture and vehicles | 24 | €333 | €0 | -€333 | -100.0% |
| Current assets | 29/58 | €6,174 | €15,809 | +€9,635 | +156.1% |
| Amounts receivable within one year | 40/41 | €0 | €179 | +€179 | |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | - | €179 | +€179 | |
| Cash at bank and in hand | 54/58 | €6,174 | €15,630 | +€9,456 | +153.2% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €1,436,079 | €1,379,584 | -€56,495 | -3.9% |
| Equity | 10/15 | €549,079 | €621,459 | +€72,381 | +13.2% |
| Contributions | 10/11 | €130,367 | €130,367 | = | 0.0% |
| Revaluation surpluses | 12 | €29,608 | €29,608 | = | 0.0% |
| Reserves | 13 | €389,103 | €461,484 | +€72,381 | +18.6% |
| Non-distributable reserves | 130/1 | €1,622 | €1,622 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,622 | €1,622 | = | 0.0% |
| Tax-exempt reserves | 132 | €268,978 | €313,972 | +€44,995 | +16.7% |
| Distributable reserves | 133 | €118,504 | €145,890 | +€27,386 | +23.1% |
| Provisions and deferred taxes | 16 | €179,318 | €104,657 | -€74,661 | -41.6% |
| Deferred taxes | 168 | €179,318 | €104,657 | -€74,661 | -41.6% |
| Amounts payable | 17/49 | €707,682 | €653,467 | -€54,215 | -7.7% |
| Amounts payable after more than one year | 17 | €631,671 | €573,345 | -€58,326 | -9.2% |
| Financial debts | 170/4 | €631,671 | €573,345 | -€58,326 | -9.2% |
| Amounts payable within one year | 42/48 | €76,011 | €80,122 | +€4,111 | +5.4% |
| Current portion of amounts payable after more than one year | 42 | €57,762 | €58,259 | +€497 | +0.9% |
| Trade debts | 44 | €7,225 | €1,686 | -€5,539 | -76.7% |
| Suppliers | 440/4 | €7,225 | €1,686 | -€5,539 | -76.7% |
| Taxes, remuneration and social security | 45 | €3,966 | €11,086 | +€7,120 | +179.5% |
| Taxes | 450/3 | €3,966 | €11,086 | +€7,120 | +179.5% |
| Other amounts payable | 47/48 | €7,059 | €9,092 | +€2,033 | +28.8% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,258 | €66,131 | -€3,127 | -4.5% |
| Other operating charges | 640/8 | €5,158 | €6,999 | +€1,841 | +35.7% |
| Gross operating margin | 9900 | €78,174 | €100,158 | +€21,984 | +28.1% |
| Operating profit (loss) | 9901 | €3,759 | €27,028 | +€23,270 | +619.1% |
| Financial income | 75/76B | €167 | €53 | -€114 | -68.4% |
| Recurring financial income | 75 | €167 | €53 | -€114 | -68.4% |
| Financial charges | 65/66B | €17,282 | €16,025 | -€1,257 | -7.3% |
| Recurring financial charges | 65 | €17,282 | €16,025 | -€1,257 | -7.3% |
| Profit (loss) for the period before taxes | 9903 | -€13,357 | €11,056 | +€24,413 | |
| Transfer from deferred taxes | 780 | €13,575 | €7,417 | -€6,158 | -45.4% |
| Income taxes | 67/77 | €6,751 | €13,336 | +€6,585 | +97.5% |
| Profit (loss) for the period | 9904 | -€6,533 | €5,136 | +€11,669 | |
| Transfer from tax-exempt reserves | 789 | €20,363 | €22,250 | +€1,887 | +9.3% |
| Profit (loss) for the period to be appropriated | 9905 | €13,829 | €27,386 | +€13,557 | +98.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.